Home Business Stanbic profits up 185pct

Stanbic profits up 185pct

Stanbic profits up 185pct
Standard Bank Group retained pole position for the second time in a row on the back of massive growth in its tier 1 capital of 24 percent to $13,8 billion in December 2020.
STANBIC Bank Zimbabwe (Stanbic) posted a profit after tax of $5,2 billion for the year ended December 31, 2021, up 185 percent from the $1,8 billion recorded in the prior year, after shrugging off the adverse effects of the Covid-19-induced lockdowns.

The Standard Bank Group of South Africa subsidiary recorded a net interest income of $8,1 billion during the year from $2,7 billion recorded in prior year largely underpinned by improved growth in average interest-earning assets to $34,1 billion as new lending assets and financial investments were acquired.
The financial institution recorded a 72 percent increase in net fee and commission income, growing from $4,2 billion in 2020 to $7,3 billion during the review period.


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